Upcoming IPOs: GNI Infra, Pragyawan Technologies, Innotera, 3 others file for public offers

Upcoming IPOs: The primary market is set to witness a tremendous period as initial public offerings of the National Stock Exchange (NSE), Jio Platforms and Zepto are set to open in the second half of 2026. Adding to the line-up, six more companies have filed preliminary papers with market regulator SEBI.

They include Renfra Energy India, GNI Infrastructure, Innoterra, Functional & Innovative Foods, TMC Transformers, and Pragyawan Technologies.

Renfra Energy IPO

The proposed initial share sale of Renfra Energy comprises a fresh issue of shares worth ₹430 crore and an offer for sale of 47,94,800 equity shares, according to the draft red herring prospectus (DRHP).

The firm intends to use the net proceeds from the fresh issue towards the redemption of non-convertible debentures aggregating to ₹160 crore, funding working capital needs of ₹70 crore, and the rest for general corporate purposes.

The Tamil Nadu-headquartered company may also undertake a pre-IPO placement worth ₹50 crore. If such placement is completed, the fresh issue size will be reduced accordingly.

Renfra Energy, incorporated in 2017, operates in the turnkey engineering, procurement and construction (EPC) and renewable project execution segment. It serves utility-scale as well as commercial and industrial customers across Tamil Nadu and Puducherry.

TMC Transformers IPO

The proposed IPO is solely a fresh issue with no offer for sale (OFS) component, as per the DRHP.

The funds raised will be used for capital expenditure for establishing a greenfield Extra High Voltage (EHV) transformer manufacturing facility, part-funding the company's incremental working capital needs, and for general corporate purposes.

TMC Transformers Ltd is an integrated, design-led transformer maker with capabilities across various transformer types and voltage classes.

Innoterra IPO

Innoterra Ltd, the Indian subsidiary of Swiss agritech major Innoterra AG, is looking to raise ₹105 crore through fresh issuance of shares and an offer for sale (OFS) of 70,55,315 shares by Milklane Holding Pte Ltd and Mahyco Pvt Ltd.

The company intends to use the proceeds from the fresh issue for replacing bulk milk cooling units at existing collection centres, establishing new bulk milk collection centres, working capital needs, pursuing unidentified inorganic acquisitions and general corporate purposes.

Pragyawan Technologies IPO

According to the draft papers, Pragyawan Technologies IPO consists of a fresh issuance of shares worth ₹400 crore and an OFS of 15,000,000 by promoters Puneet Jain and Shefali Jain.

The net proceeds will be used for funding working capital requirements and general corporate purposes.

Pragyawan Technologies is involved in the supply of skill development and training products, offering varied utility solutions and operations & maintenance services.

GNI Infrastructure IPO

The proposed issue of GNI Infrastructure is a fresh issuance of 21,029,642 shares and an OFS of 9,388,212 shares by promoters and existing investors.

The objects of the issue include funding working capital needs and general corporate purposes.

The company undertakes road infrastructure works majorly on an engineering, procurement and construction basis and under item-rate contracts.

Functional & Innovative Foods IPO

Functional & Innovative Foods has filed preliminary papers with capital markets regulator SEBI to raise funds through an IPO.

The proposed IPO comprises a fresh issue of 6,000,000 equity shares and an Offer-for-Sale (OFS) of 2,500,000 shares by promoter Senthil Kumar Chinnusamy.

It is an integrated food contract manufacturing firm offering a wide range of product portfolios to businesses of varying scales, from emerging brands to multinational Fast Moving Consumer Goods (FMCG) companies, with a key focus on quality and food safety.